ADP Fails To Cure Unemployment Fears
The ADP national employment report for June is often considered a prelude to the tone of the following day’s real unemployment report from the Labor Department. The ADP report for June is out at…
All Work
Douglas A. McIntyre
Top Analyst Upgrades and Downgrades (AWK, BEAT, CHKP, IACI, MVL, MYGN, NVO, SYMC, WERN)
These are the top pre-market analyst upgrades and downgrades this Wednesday morning in early trading. American Water Works (AWK) Started as Buy at Brean Murray. CardioNet (BEAT) Cut to Hold at Citigroup; Cut to…
AIG’s Futile Reverse Split To Nowhere (AIG)
American International Group Inc. (NYSE: AIG) is under pressure. This morning is the effective date of a 1 for 20 reverse split. Our closing bell price was $1.16 yesterday, and that would imply a…
LogMeIn Scores Top of Range (LOGM, INTC)
Investors and traders alike will want to pay attention to the LogMeIn Inc. (NASDAQ: LOGM) IPO today. We were expecting a premium pricing and possibly even a higher number of shares, but the price…
GM May Have To Sell China Unit To Get Taxpayers Back Their Money
The Administration says it wants a “quick exit” from its investment in GM. The taxpayers should not have to own a US auto company any longer than they have to. The problem is that,…
As Viacom’s (VIA) Paramount Looks For Partner It May Be Bought Out
The DVD business is bad. Video-on-demand, available on most cable systems, and internet streaming of premium content have cut into one of the largest profit centers in Hollywood. Viacom’s (VIA) Paramount studio operation is…
The Dreaded California IOU System Becomes A Reality
It was never a realistic hope that California would pass a budget that would close a gap of $24 billion between spending and income. Too many critical state services need funding and the destruction…
China’s Recovery Mirage
China’s Purchasing Managers’ Index was up for the fourth month in a row, moving to 53.2 from 53.1 in May. The numbers were issued by the the Federation of Logistics and Purchasing. The figure probably…
Japan’s Manufacturers See A Light In The Distance
The closely watched Bank of Japan’s tankan survey for the second quarter showed improved confidence among big manufacturers which most likely is a result of improving exports. The global economy may be recovering enough so…
Citigroup (C) To Jack Up Credit Card Rates On 15 Million Accounts
Citigroup (C) plans to increase fees on credit cards and it willaffect nearly 15 million of the bank’s customers. The action leaves the federal government in a bind. It owns options to 34% of…
Media Digest 7/1/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: California raced to approve a state budget its cutting deficit. Reuters: Ten more people may face charges in Madoff case. Reuters: Gannett (GCI) is laying off 1,000 more people. Reuters: China will delay…
Asia Markets And Europe Open 7/1/2009
Markets in Asia were mixed. The Nikkei fell .2% to 9,939. The Hang Seng dropped .8% to 18,379. The Shanghai Composite was up 1.7% to 3,006. At the open in Europe, the FTSE was…
Looking For a Premium IPO in LogMeIn (LOGM, INTC)
Calling for the verdict on an IPO ahead of the actual IPO is a tricky business. So many things can change. In fact, too many things can change. Yet, we are hearing a solid…
NYSE New Circuit Breakers for Q3 2009 (NYX)
NYSE Euronext, Inc. (NYSE: NYX) has listed the revised circuit breaker levels for the New York Stock Exchange. These will be the new trigger levels for Q3-2009 that create trading halts if these are…
UnitedHealth’s Lofty Ambition: $332 Billion in Healthcare Savings (UNH)
UnitedHealth Group, Inc. (NYSE: UNH) has listed a very lofty plan for how to reach the healthcare savings for America, which of course will include a private/public system. It may sound lofty, but the…
GE Taking Decisive Step Into Stem Cells (GE, GERN, STEM, ASTM)
General Electric Company (NYSE: GE) is taking a bold and controversial new step into the field of embryonic stem cell research. The company has signed an exclusive license and alliance pact with Geron Corporation…
Chicago Purchasing Managers, Prelude to a Quiet ISM?
Chicago Purchasing managers is frequently used as a preliminary vote for the national report from the Institute of Supply Management. This morning we saw the Chicago Purchasing Managers come in at 39.9. That is…
Emulex Still May Refuse Higher Offer (ELX, BRCM)
Emulex Corporation (NYSE: ELX) has already given an initial response to the higher $11.00 offer from Broadcom Corporation (NASDAQ: BRCM). This is not an outright rebuff, but Emulex said that its board of directors…
Analyst Looks More Positive on Utilities (AEP, DUK, EXC, PCG, PEG, UTL, XEL, ED, FPL, PNW, PGN, SCG, SO, IDU)
Oppenheimer is making a new call in the utility sector. It looks a bit mixed between positive and somewhat cautious calls this morning, but it is important to note that many of these utilities…
Top Analyst Downgrades (ACLI, AMR, GPS, NOK, SO, HOT)
These are some of the top analyst downgrades or cautious calls we have seen early this Tuesday morning: American Commercial Lines (ACLI) Cut to Market Perform at Morgan Keegan. AMR Corp. (AMR) Cut to…